Investor sentiment, profitability and offer price band: evidence from the Indian IPO market

Article

Pensiero, Dom and Krishnamurti, Chandrasekhar. 2014. "Investor sentiment, profitability and offer price band: evidence from the Indian IPO market." Global Economy and Finance Journal. 7 (2), pp. 59-70.
Article Title

Investor sentiment, profitability and offer price band: evidence from the Indian IPO market

ERA Journal ID123852
Article CategoryArticle
AuthorsPensiero, Dom (Author) and Krishnamurti, Chandrasekhar (Author)
Journal TitleGlobal Economy and Finance Journal
Global Economics and Finance Journal
Journal Citation7 (2), pp. 59-70
Number of Pages12
Year2014
Place of PublicationDandenong, Victoria
ISSN1834-5883
1834-5891
Web Address (URL)http://www.gefjpapers.com/static/documents/September/2014/4.%20Dom%20and%20Chandrashekhar.pdf
Abstract

Offer price band is a crucial component of the book building process in the Initial Public Offering process of a firm. Extant research shows that investor sentiment plays a prominent role in IPO markets. We therefore suggest that investor sentiment plays a significant role in determining the offer price range. The determinants of offer price band have not been studied in the IPO literature. We fill this lacuna by studying the Indian IPO market. We hypothesise that investor sentiment will positively influence offer price band. We also posit that the profitability of a firm will be inversely related to the offer price band. Our empirical tests support these hypotheses.

Keywordsinitial public offering, investor sentiment, offer price band
ANZSRC Field of Research 2020350202. Finance
Byline AffiliationsSchool of Accounting, Economics and Finance
Institution of OriginUniversity of Southern Queensland
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